10Y-2Y Yield Spread in 2012
10Y-2Y Yield Spread opened 2012 at 170 bps and closed at 153 bps, a -10.00% move for the year. The high of 200 bps was reached on March 19, and the low of 121 bps on July 25.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 170 bps | 161 bps | 184 bps | 161 bps | -5.29% |
| Feb | 164 bps | 168 bps | 177 bps | 162 bps | +2.44% |
| Mar | 173 bps | 190 bps | 200 bps | 166 bps | +9.83% |
| Apr | 189 bps | 168 bps | 194 bps | 168 bps | -11.11% |
| May | 171 bps | 132 bps | 171 bps | 132 bps | -22.81% |
| Jun | 122 bps | 134 bps | 140 bps | 122 bps | +9.84% |
| Jul | 131 bps | 128 bps | 135 bps | 121 bps | -2.29% |
| Aug | 132 bps | 135 bps | 154 bps | 127 bps | +2.27% |
| Sep | 136 bps | 142 bps | 161 bps | 135 bps | +4.41% |
| Oct | 139 bps | 142 bps | 157 bps | 139 bps | +2.16% |
| Nov | 145 bps | 137 bps | 148 bps | 132 bps | -5.52% |
| Dec | 138 bps | 153 bps | 156 bps | 134 bps | +10.87% |
Events During 2012
Greece's debt revelation in October 2009 triggered a multi-year eurozone crisis that threatened the euro's survival. Greece, Ireland, Portugal, Spain, and Italy required emergency support. Mario Draghi's "whatever it takes" in 2012 ended the acute phase.
ECB President Mario Draghi's July 26, 2012 speech in London ended the acute eurozone crisis. The commitment, backed by Outright Monetary Transactions, arrested peripheral yield spikes without buying a single bond.
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